Laguna Hills, CA (December 20, 2022) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, acquired Oakbrook Plaza, a four-story, 120,354 square foot office property in Laguna Hills, California. Buchanan is purchasing the building, at 24422 Avenida De La Carlota, from a New York City-based fund manager for $28,100,000 in an off-market transaction.
The property is located less than one mile from MemorialCare Saddleback Medical Center and near several retirement communities.
Currently, the property is 66% occupied, of which 30% of the existing space is leased to medical tenants. However, in 2018 and 2019, prior to the COVID-19 pandemic, the property averaged 95% occupancy. The property’s current zoning allows for multiple investment strategies, including an increase in medical office space as well as the potential development of multifamily. There are more than 14,000 housing units in planning in South Orange County, a notable demographic shift.
“South Orange County is a preferred investment market for us given the strong demographics and barriers to entry,” said Matt Haugen, Senior Vice President of Buchanan Street Partners. “This acquisition represents a continuation of Buchanan’s strategy of acquiring quality investments in Orange County with the opportunity to add value through new development.”
Kevin Shannon, Paul Jones and Brandon White with Newmark represented the seller in the transaction.
About: Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested over $7.5 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to maximize value while prioritizing capital preservation. www.buchananstreet.com.
President, The Spaulding Agency
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